Australian stocks edge higher after selloff

LOS ANGELES (MarketWatch) -- Australian stocks were modestly higher early Wednesday, gaining back a slice of the benchmark index's 1.8% loss in the previous session. The S&P/ASX 200 Index
XJO, +0.52%
rose 0.1% to 5,102.20, coming off an advance on Wall Street after its worst selloff in seven months. In Sydney, mining issues were mostly gained, with iron-ore producer Fortescue Metals Group Ltd.
FMG, -2.11%FSUMF, +0.73%
up by 1.5%, and Newcrest Mining Ltd.
NCM, +0.09%NCMGF, -0.12%
tacking on 1.2%, but diversified miner BHP Billiton Ltd.
BHP, -0.19%BHP, +0.63%
sagged 0.2%. In the retail sector, shares of David Jones Ltd.
AU:DJSDVDJF
were up 0.3%. One of the department store's largest shareholders is saying that rival Myer Holdings Ltd.
MYR, +1.61%
should ditch its proposal for a $3 billion "merger of equals" and offer shareholders a premium in exchange for control of David Jones, according to a report from the Sydney Morning Herald. Myer shares rose 0.6%.

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